Can I change the loan amount or extend my loan term?
It depends 🤨
- Before the loan is paid out
- Decreasing the loan amount – typically OK, if the loan repayments stay the same or reduce.
- Increasing loan amount – typically OK, only if the loan repayments are affordable to both you and your guarantor.
- Increasing/decreasing term – this will depend on whether this increases/decreases your loan repayments. If they reduce, it’s pretty safe to say this will be OK, but if payment increases this will typically only be approved if this is affordable to both you and your guarantor.
- After the loan has been paid out – most lenders will ask you to either
- Repay the existing loan, or
- To apply for a top-up to change the term or loan amount if you are eligible
Contact Your Lenders 📞
- For both of the above scenarios, please contact your lender to discuss the options, each lender will have their own unique criteria.
Estimate Loan Repayments 🧮
- You could play around with loan amounts, and repayment terms on our loan calculator to estimate the effect on your monthly repayments?